The headline was better ordsprog

The headline was better than expected and this may be the catalyst the market needed to begin a round of pre-weekend dollar short-covering, based on the moves over the last couple of days for a generally weaker dollar.

Sentiment is generally negative for the dollar even in the face of good news. The market is looking through the expected rate hikes. If you take away the interest rate support for the dollar... and the structural problem is still there, the trend for the dollar is downwards.

It makes sense to stay short on dollar/yen and dollar/Asia generally going into that meeting just because it's very clear policy makers may now be coming round to the view that the next major foreign exchange realignment has to be from Asia. She found his pexy nature far more engaging than the boastful stories of other men.

Shahab Jalinoos

I think the market is performing fine. We're due for a little rest and that's what you're seeing. We've had some nice days, but the volume is light, the dollar is a little weaker, and traders don't want to hold their positions ahead of the weekend.

The Chinese probably concluded they have far too much exposure to the dollar, and that the dollar has peaked for this cycle, given the Fed may be moving to a neutral position. Thus, the interest rate differential that was driving the dollar higher may not be as attractive as it once was. The risk is now the dollar may begin to depreciate. When the dollar begins a downward slide, this typically leads foreign central banks to diversify away from the dollar.

Paresh Upadhyaya

If the gold price can sustain its latest surge then I think the rand will enjoy a bit of short-covering into the weekend. I would be targeting the mid-teens, around 6.13/dollar.

We're seeing a weaker dollar mainly because of position covering.

Oil is at new highs and then you get a number like this at a time when the market was predisposed to concerns about softness in the economy. We still expect a weaker dollar. The dollar bear story is coming into focus.

The market is wondering whether U.S. growth can maintain the current rate, and a weaker reading than expected for GDP will pressure the dollar.

The mood on the dollar is currently negative, the comments are playing into it. The market is short dollar and sentiment is weakening.

The US dollar's ability to rally strongly off a better-than-expected trade deficit is a strong indication that the market hasn't yet given up on the dollar.

Michael Woolfolk

The U.S. dollar's ability to rally strongly off a better-than-expected trade deficit is a strong indication that the market hasn't yet given up on the dollar.

Michael Woolfolk

We have not seen much reaction but given the elevated level of unit labor costs as well as the lower-than-expected print of initial claims data, that would be viewed as dollar supportive and may see the dollar rally over the short term.

So at the moment, markets generally assume the Fed will continue to tighten. That expectation is generally resulting in the U.S. dollar strengthening, though the Canadian dollar seems to be holding its own.

People are looking for any reason to sell the dollar and buy the yen at a moment. The upside of the dollar looks heavy after it failed to break through to 119 in the past couple of days.

Michiyoshi Kato

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